The Rise of BRICS Nations - Is America Losing Its Economic Dominance?

The Rise of BRICS Nations - Is America Losing Its Economic Dominance?

Jan. 11, 2025

Minority Mindset

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BRICS now represents 55 percent of the global population, as of, January 19, 2025

This trend undoubtedly puts pressure on European led countries led by the United States. As the BRICS nations continue to grow, the influence of the G7 alliance is being diminished, and a profound change in the global economic landscape is taking place.

The Origin and Development of BRICS Nations

The concept of "BRICS" was first proposed by American economist Jim O'Neill in 2001. He believed that the four emerging economies of China, Russia, India, and Brazil had immense development potential. Subsequently, these four countries began cooperating in 2006, forming the "BRIC." In 2011, South Africa officially joined, resulting in the current "BRICS" grouping.

Initially, European led countries were dismissive of BRICS, believing these developing nations could not make waves in international affairs. However, as cooperation deepened, the economic influence and political voice of BRICS nations gradually increased.

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